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Canaan sells crypto to fund buybacks after $97.6 million loss

Canaan reported Q2 revenue of $31.9 million, below its May guidance range, and said it had $66.0 million in cash at June 30 while much of its Bitcoin was pledged as loan collateral.

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Canaan, a Bitcoin mining-equipment maker, said second-quarter 2026 revenue came in below its earlier guidance, with weaker machine demand increasing the importance of how much of its Bitcoin treasury was actually available as cash. The company reported Q2 revenue of $31.9 million, below the $35 million to $45 million range it had forecast in May, and it projected third-quarter revenue of $11 million to $15 million.

Canaan attributed the revenue decline to lower computing power sold and lower selling prices. Product revenue fell to $13.6 million from $42.9 million in the first quarter, while management pointed to further pressure ahead.

The company also disclosed that more than half of its Bitcoin holdings were pledged for loans as of June 30. Its total 1,915.5 BTC included 1,117 BTC pledged for secured term loans, plus 100 BTC moved to a fixed-term product, with 698.5 BTC in its cryptocurrency assets category.

Canaan reported $66.0 million in cash at June 30, up from $43.5 million at March 31, and a quarterly net loss of $97.6 million that included noncash charges. After quarter-end, it said it sold 3,952 ETH and 54 BTC in late August for about $13.9 million, using part of the proceeds for share repurchases, and that buybacks under its existing program totaled about 16.4 million American depositary shares for $7.4 million by Sept. 8.

Latest closeBitcoin $78,536.73 ▲0.1%|Ethereum $2,488.03 ▲0.1%

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